RBC Capital analyst Nik Modi reiterated a Hold rating on Conagra Brands (CAG – Research Report) today and set a price target of $29.00. The company’s shares closed yesterday at $28.72.
Modi covers the Consumer Defensive sector, focusing on stocks such as The Hershey Company, Constellation Brands, and Mondelez International. According to TipRanks, Modi has an average return of 6.5% and a 61.12% success rate on recommended stocks.
The word on The Street in general, suggests a Hold analyst consensus rating for Conagra Brands with a $29.40 average price target, a 2.37% upside from current levels. In a report released today, TD Cowen also maintained a Hold rating on the stock with a $28.00 price target.
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Based on Conagra Brands’ latest earnings release for the quarter ending August 31, the company reported a quarterly revenue of $2.9 billion and a net profit of $319.7 million. In comparison, last year the company earned a revenue of $3.31 billion and had a net profit of $381.9 million
Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CAG in relation to earlier this year.
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Conagra Brands (CAG) Company Description:
Conagra Brands, Inc. engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks; Refrigerated and Frozen; International; Foodservice; and Pinnacle Foods. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States. The Refrigerated and Frozen segment comprises branded, temperature controlled food products sold in various retail channels in the United States. The International segment consists branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States. The Foodservice segment focuses in the branded and customized food products, including meals, entrees, sauces, and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments in the United States. The Pinnacle Foods segment involves in the commercially branded and private label food and ingredients, in various temperature states, sold in various retail and foodservice channels in the United States and Canada. The company was founded by Alva Kinney and Frank Little in 1919 and is headquartered in Chicago, IL.
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